November Home Sales | Nashville Real Estate

According to the Greater Nashville Association of Realtors, November home sales increased for the 5th consecutive month, which is a positive news for area homeowners to hear.

The month of November saw 1,592 home closings, a number up 20 percent from the same period last year with its 1,326 closings.

Year-to-date sales, however, are ever-so-slightly down. Current year-to-date-closings for the Greater Nashville area are 18,851, just one percent percent down from last year’s closing which were reported at 18,750 through November 2010.

“Home sales trends in November include a double-digit increase in the number of closings and stable or increasing prices for both single-family homes and condominiums. These signs are welcome as we near the end of the year and begin to look towards 2012,” said GNAR President Alice Walker.

At the end of November, there remained 1,657 sales pending, a number higher than November 2010, which was 1,623 pending sales. The average single-family home spent 94 days on the market.

The median residential price for a single-family home during November was $167,500, and for a condominium, it was $158,690. This compares with last year’s median residential and condominium prices of $165,000 and $137,500, respectively.

Walker said that what has been seen in the second half of this year, including an actual increase in closings year-to-date should be a source of encouragement for buyers, sellers, and real estate professionals like.